A Commercial bank in Nigeria is a financial institution approved and authorized by the Central Bank Of Nigeria to accept deposits from individuals and also land them money if some certain conditions are met.
Formerly, there were more than 86 commercial banks in Nigeria with operating licences. However, in 2004, the Federal Government Of Nigeria through the CBN decided to implement some new rules. and many of these banks could not keep up with it.
With this new law enforced by the Central Bank of Nigeria, commercial Nigerian banks were reduced to 29 and the few remaining ones mad the Nigerian banking industry what it is today. The new laws by the CBN also led to the merging of some banks years ago in order to continue staying in business.
There are currently 29 banks in Nigeria with Government licenses. These banks are mainly grouped into commercial, non-interest, and merchant banks.
Below is a list of all the banks in Nigeria right now grouped according to their operation licences. Some of these banks currently have international Authorization while the others are only authorized to operate here in Nigeria or in specific regions.
Full List Of Banks In Nigeria
- Access Bank Plc
- Fidelity Bank Plc
- First City Monument Bank Plc
- First Bank of Nigeria Limited
- Guaranty Trust Bank Plc
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Zenith Bank Plc
- Citibank Nigeria Limited
- Ecobank Nigeria Plc
- Heritage Banking Company Limited
- Keystone Bank Limited
- Polaris Bank Limited. (Formerly Skye Bank Plc)
- Stanbic IBTC Bank Plc
- Standard Chartered
- Sterling Bank Plc
- Titan Trust Bank Limited
- Unity Bank Plc
- Wema Bank Plc
- Globus Bank Limited
- SunTrust Bank Nigeria Limited
- Providus Bank Limited
- Jaiz Bank Plc
- Taj Bank Limited
- Coronation Merchant Bank
- FBNQuest Merchant Bank
- FSDH Merchant Bank
- Rand Merchant Bank
- Nova Merchant Bank
